USDCAD is trading nicely bullish, after a base was found for corrective wave 2 at the 1.2446 level. Current strong rally can be part of wave 3, the strongest and steepest wave, that is also usually the longest. Wave 3 can so approach levels near the 1.297 region, before a new temporary retracement as wave 4 shows up. At the 1.297 area, the upper base channel line and the Fibonacci ratio of 161.8 can offer resistance.
USDCAD, 4H
